Jupiter set to rename £508m High Income fund

Jupiter set to rename £508m High Income fund

Jupiter is to rename its £508m High Income fund, managed by Alastair Gunn and Rhys Petheram, as part of a bid to align the product with sister funds amid increased demand from intermediaries.

The fund is to be renamed Jupiter Distribution and Growth on November 1, subject to regulatory approval, though its investment process, objective and management team will remain the same.

A Jupiter spokesperson said the change would align the offering with Jupiter’s £834m Distribution and £17m Enhanced Distribution portfolios, both managed by Gunn and Petheram, as well as reflecting the renamed fund’s investment objective.

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High Income aims to deliver a sustainable level of income and capital growth by investing in equities and fixed income.

The fund can take on a greater degree of equity risk than the two existing Distribution funds and, as a result, has the highest current yield of the three at 3.7 per cent. 

James Crossley, head of retail distribution, added: “We have seen increased demand for our distribution range of funds as intermediaries seek consistent and competitive levels of yield. The funds also satisfy the demand for lower levels of capital drawdown.”

According to FE Analytics, the High Income fund has returned 18.4 per cent since the start of January 2014, when the current management team took over, compared with 18.8 per cent from its peer group, the IA Mixed Investment 40-85% Shares sector.